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Friday, 5 June 2015

There are very few on this
globe are don’t face financial difficulties. Normally people living in Saudi
Arabia are able to save a certain sum of money from their salaries. These
savings are used at the time of financial needs. However, due to any problem,
you may have to borrow money from others. It is not easy to borrow money from
your friends as everyone is in need of it. The other option is to take personal
loan from the bank. Just like any other country, Banks in Saudi Arabia welcome
the people who want to obtain personal loan. They award loan based upon your
gross monthly salary, duration with the current employer, your credit ratings
updated with Saudi Arabian Monetary Authority and the repute of your employer
in the market. If you are looking for personal loan, following guide can be
very useful for you.

Personal
Loan for Saudi Government Employee

If you are a government
employee (even if you are an expatriate), you can take loan from any bank as
every bank welcomes government employees. The science of obtaining personal
loan from Saudi Bank is very easy for you as your employer is Saudi Government.

Personal
Loan for Private Sector Employee in Saudi Arabia

However, if you are a
private employee, you need to go step by step. Private employers range from the
big multinational companies to small businesses. If you want to obtain personal
from banks in Saudi Arabia, you should talk to the HR of your company if they
have an agreement with some banks in Saudi Arabia. Normally employers have an
agreement with banks. Let’s say you find out that your company has an agreement
with SAMBA Bank to grant personal loans to its employees. Now you need to visit
them and fulfill their requirements. Generally, they grant personal loan to
employees who have completed one year with the company. Amount of loan which is
granted to employees varies as per the employment term, credit history with
SAMA and reputation of employer.

If your employer explains
that they don’t have any agreement with any commercial bank in Saudi Arabia.
Now obtaining personal loan from bank is difficult but not impossible. You will
have to personally visit all the banks and ask them if your current bank statement
qualify for the personal loan. List
of Banks in Saudi Arabia is given in this link.
Please let me know if any bank agrees to give you personal loan even if your
company does not have an agreement with them.

Final
Exit before repayment of Personal loan in Saudi Arabia

You may have to face a
situation where your employer is processing your final exit while you still
have unpaid personal loan to bank on your head. It is a difficult situation as
you have to repay your entire loan before departing from Saudi Arabia on final
exit. If you still have money, repay the entire amount and go back to your country
with relaxed feeling. However, if you don’t have money, you are in trouble. Now
if you don’t pay the entire amount to bank, they may register a police complaint
against you. If it is reported in Police, there are chances that you would be
detained at Saudi Airport if you try to come to Saudi Arabia again at some
other time. I am not a legal authority but I think they cannot stop you from
entering to any other GCC country.

Transfer
of Sponsorship before repayment of Personal loan in Saudi Arabia

If you have found a better
opportunity and transferring
your sponsorship to another employer but you have unpaid personal loan, don’t
worry about anything. Unpaid personal loan to bank does not affect the process
of transferring sponsorship. As far as you are in Saudi Arabia, they do not
care for it.

Getting
Personal Loan on Interest from Saudi Banks is Halal, or Haram?

Well, it is a long debate.
All the banks in Saudi Arabia have obtained Fatwas from different Muftis that personal
loans on interest is Halal. I personally believe that it is not true. Receiving
and Paying Interest is Haram. I would not go for the personal loan from banks
being Muslim.

1 comment:

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